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Apr 03 2013

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Bribery Scandal Informant has $keletons in his closet

Rockland County Times: The informant reported to be in the center of the Rockland County/New York City corruption fiasco currently rocking the political universe recently pled guilty to charges pertaining to a default on a loan of over $100 million to Citigroup.

Morris Stern of Monsey, also known as Moshe and Mark Stern, was in the center of a famous case which earned him a 2010 headline in Forbes Magazine as “Citigroup’s Bad Boy: how an untested businessman got a $126 million loan–and personally owes every dime of it.”

The bad deal was made in 2007 when Stern was only 2007. His case reads like a look into the world of bad business practices that dominated banking prior to the 2008/2009 financial meltdown.

“Several banks were pitching me at the same time,” says Stern. “Every bank, including JPMorgan Chase and Deutsche Bank, wanted product.”

Stern bought 11 shopping malls with the $126 million and they promptly floundered. Ultimately he filed for bankruptcy and Citigroup only recouped $40 million of the money.

Full Article: http://www.rocklandtimes.com/2013/04/03/informant-owed-citigroup-tens-of-millions/

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Permanent link to this article: http://queens-politics.com/2013/04/cw-in-bribery-scandal-rockland/


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